Brokerages Set DigitalOcean Holdings, Inc. (NYSE:DOCN) PT at $37.67

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been given a consensus rating of “Moderate Buy” by the ten research firms that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $37.67.

A number of equities research analysts have recently commented on the company. UBS Group dropped their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Piper Sandler cut their price objective on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Barclays reduced their target price on DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. Finally, Stifel Nicolaus lifted their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, August 9th.

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors and hedge funds have recently bought and sold shares of DOCN. Mubadala Investment Co PJSC acquired a new stake in shares of DigitalOcean in the 4th quarter worth $21,881,000. Point72 Hong Kong Ltd purchased a new stake in shares of DigitalOcean in the second quarter valued at about $877,000. Private Advisor Group LLC increased its position in DigitalOcean by 637.6% during the first quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock worth $1,847,000 after purchasing an additional 41,819 shares during the last quarter. Public Sector Pension Investment Board purchased a new position in DigitalOcean during the second quarter worth about $4,108,000. Finally, Vanguard Group Inc. boosted its holdings in DigitalOcean by 11.5% in the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after purchasing an additional 696,426 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Trading Down 4.3 %

DigitalOcean stock opened at $38.64 on Friday. The firm has a market cap of $3.52 billion, a PE ratio of 72.90, a P/E/G ratio of 3.26 and a beta of 1.83. DigitalOcean has a 12 month low of $19.39 and a 12 month high of $43.88. The stock’s 50 day simple moving average is $36.42 and its two-hundred day simple moving average is $35.90.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The firm had revenue of $192.00 million for the quarter, compared to the consensus estimate of $188.63 million. During the same period in the prior year, the firm posted $0.11 earnings per share. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, equities research analysts forecast that DigitalOcean will post 0.86 EPS for the current year.

About DigitalOcean

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company’s platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).